Why is a WILL Important?
Without a valid WILL, the distribution of your assets will be according to the rules of intestacy – not according to your wishes.
You will be decision maker for your own assets and can make arrangements for married daughters , friends , lifelong worker or charity
If you have a child or children, a valid WILL is necessary to make arrangements for the children should the parents die, It is extremely important to have a WILL in place if the children are under 18 and would need someone to look after their inheritance or to have a guardian appointed for them.
A WILL may & reduce family conflicts in future, if any.
The most important thing about a WILL is that it leaves comprehensible and explicit instructions about the deceased’s property and estate.
A WILL specifies the inheritor of each share of the property and lessens the scope of any confusion that might arise in future. It therefore helps in mitigating family disputes.
A person making a WILL creates a safety garb for his /her minor children. He /She can appoint a guardian of his /her choice and also make any financial arrangements for them.
A WILL can be instrumental in protecting one’s business. One can pass on their company and power of attorney to one’s preferred heirs thereby reducing friction in business ventures.
WILL may not only specify the inheritance in favour of friends and family members but may also include a charity or transfer to any other organisation.
The best thing about a WILL is that it is not an irrevocable instrument. A WILL can be revoked during the lifetime of the testator. A WILL can also be modified. If circumstances change and the testator become dissatisfied with the behavior of any of his relatives, he can exclude his name from his WILL.